Millennium Management is backing Farzad Kassam to launch a hedge fund in Dubai with assets exceeding $1 billion. The move marks a significant expansion for the firm into the Middle East's growing financial hub.
Who is Farzad Kassam
Kassam is a portfolio manager who will lead the new fund. He is being backed by Millennium, one of the world's largest hedge fund firms, known for its multi-manager model that allocates capital to dozens of trading teams. The fund will be based in Dubai, a city that has increasingly attracted global asset managers seeking proximity to investors in the region and a favorable regulatory environment.
Why Dubai
Dubai has become a magnet for hedge fund launches in recent years. The emirate offers a business-friendly time zone between Asia and Europe, a growing pool of wealthy investors, and a regulatory framework that appeals to international firms. Millennium's decision to base Kassam's fund there aligns with a broader trend of hedge funds setting up shop in the Dubai International Financial Centre.
The size and scope of the fund
With assets exceeding $1 billion, the fund will be one of the larger single-manager launches in the region. Millennium typically provides seed capital and infrastructure to its portfolio managers, who then trade a variety of strategies. The exact strategy Kassam will employ has not been disclosed, but the size suggests significant backing from Millennium's own balance sheet and possibly from external investors.
The launch comes as hedge funds globally face pressure to deliver returns in a volatile market. Millennium has been one of the industry's top performers, and its expansion into Dubai signals confidence in the region's potential.
The fund is expected to begin operations in the coming months, though no exact date has been announced. Millennium Management declined to comment on the timeline.
